Includes changes to align CSA benefits structures with existing member group structures

A team of city lawyers has spent almost a year trying to update Cincinnati's municipal code to match up with provisions of the federal court settlement.

Council member Christopher Smitherman said delaying action on the updates would make little difference.

"What is before us has really been dictated a lot by an agreement and signed off by a federal judge," Smitherman said. "It's not going to change dramatically over the next two weeks."

For now the settlement has improved the pension system's bottom line.

As of December 31, 2015, it was 77 percent funded compared to 64 percent a year earlier. But that is largely because excess funds in the health care trust fund were moved to the pension side as part of the agreement.

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The City of Cincinnati has reached a deal with the unions of current employees and with retirees over the pension fund. Unfunded liability in that account had been estimated at $862 million, according to a release from the city. But now, Mayor John Cranley says the settlement reached late Tuesday night will mean the pension system will be fully funded.